Hello Peter
I admire your perspective.
However, it goes without saying that it should not be necessary that you should have to guess when most of that is coming down the pike. We should not have to dig out bits and pieces of information from sources which in my opinion at least, should be announced as a matter of investor relations policy.
No, the following information is not “material” under the formal TSE definition, but in the face of what our company has been going through, it is plain common sense to distribute it, and more importantly, it is good investor relations.
As you suggest, apparently, it has been agreed between the Yamba Lake play partners that SUF would not make interim announcements, on a hole by hole, target by target basis. The game plan currently being following apparently requires SUF to complete at least one drill hole from the ice on at least ten drill targets located under sizeable lakes.
As I first postulated, SUF is in fact focusing first, on big lake targets or at least targets that can not be easily drilled from shore, to insure as many of these as possible can be tested prior to ice-out in early June.
Apparently, we will not see a progress NR until after the first ten targets have been drilled. By my reckoning, assuming no drill equipment problems have occurred, and only one 150m to 250m hole is drilled per target, there should have been between four and five targets drilled by now.
One can argue that this is either a prudent and cautious approach or a missed promotional opportunity depending on your perspective.
Since our company desperately needs market attention, my personal preference would have been to make a NR every time a drilled target resulted in a kimberlite intersection. However, I can understand that the more conservative approach, allows for the possibility and some would argue, probability, that not every target would have proven to have been a kimberlite pipe. In this way, presumably, when SUF make their initial NR in a few weeks, they may reveal a 1,000 batting average, but more realistically, we should probably assume a 300 to 600 average which regardless, should not disappoint the market.
I suppose that if TAH can do a double in a day on the news of one pipe, we should reasonably expect to achieve similar results on the news of two or more.
Regarding the matter of the Ptarmigan currently being drilled, it apparently is among the ten initially being tested and it is about 8 hectares in size. This size is above average for an NWT pipe. Good, even average numbers from it, will go along way towards an eventual mine development decision should a few other pipes including possibly that nearby TAH pipe discovery, prove to have economic numbers.
There apparently is only one drill on site not two, at least that is what I am told.
Finally, and perhaps most exciting, these initial targets are not necessarily the best ones! Many are coincident with lake depressions, good geochemistry and coincident mag and EM target lows and highs, however, some (not all) of the most exciting targets (best chemistry – G-10's) will be drilled in the summer program, when near shore and dry targets will be drilled.
As previously suggested, this story will go on well into the summer and probably the fall. Additionally, should any of these “pipes” especially the mid lake “pipes” prove to have attractive micro/macro counts, you can be assured that the story will continue next spring and possibly this coming winter, as delineation drilling and mini-bulk samples are taken from the ice capped pipes with strong indications of possible economics.
While we will all now apparently have to wait longer for the initial drilling news on this play, I remain extremely excited by the potential at Yamba and reassured by SUF's confidence to diamond drill these targets and not simply sample or sonic drill to confirm potential.
I believe we have a major story developing here and I remain very optimistic that the market will appreciate listening as each chapter is published.
Finally, for those of you who have not been watching the Weather Channel every morning, spring is very late in coming to the North Slave (craton) this year, with evening temperatures over the past several weeks in the –15 range and a raging snow storm this past Sunday.
While I expect this to change shortly, I suspect that at least a week and possibly two have been added to our drilling window at Yamba and possibly Munn Lake. If the rains continue to hold off and evening temperatures remain cool, ice-out may not occur now until the second or third week of June, at least on the bigger lakes.
Regards
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